Credit Rating

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South Africa

Sasol

Outlook

MOODYS

Baa3

Baa3

Stable

STANDARD & POOR’S

BB

BBB-

Stable

In November 2017, S&P Global Ratings (S&P) lowered its long-term foreign currency sovereign credit rating on the Republic of South Africa to 'BB' from 'BB+' and affirmed the 'B' short-term foreign currency sovereign credit rating. The outlook is stable.

In September 2017, S&P issued new criteria “ Reflecting Subordination Risk in Corporate Issue Ratings”. In October 2017, based on the new criteria, S&P lowered the issue rating on Sasol Financing International Ltd.'s $1 billion senior unsecured debt, guaranteed by Sasol Ltd., to 'BB+' from 'BBB-'. This is one notch below the corporate credit rating (BBB-/Stable/A-3). The reason for this is that the class of debt ranks behind a significant amount of secured debt (namely the senior debt related to the build of the Lake Charles Chemicals Project) and debt issued by subsidiaries in the capital.

In January 2018, S&P affirmed Sasol’s ratings at a BBB-/A-3 with a stable outlook. This is two notches above the sovereign credit rating and is at investment grade.

Similarly, during March 2018, Moody's Investors Service (Moody’s) affirmed South Africa’s Baa3 ratings but changed the outlook from negative to stable. At the same time Sasol’s global scale long-term issuer ratings were affirmed at Baa3, with the outlook changing from negative to stable. Sasol’s national scale long-term rating was affirmed at Aaa.za. Moody’s has delinked Sasol from the South African sovereign rating by one notch.